Key benchmarks trim initial gains, realty and IT hurt

Key benchmark indices cut back their early gains substantially, trading little unchanged, following buying support in FMCG and power while realty and IT weighed.
Gains in Asian stocks aided the upmove on the domestic bourses. The market breadth remained positive.
The Sensex resumed sharply higher at 25,447.72 and hovered in a range of 25,519.26 and 25,300.48 before quoting at 25,310.63 at 1227 hours, a gain of 8.73 points, or 0.03 per cent, from its last close.
The NSE 50-share Nifty was also up 11.90 points, or 0.15 per cent, at 7,761.60.
Major gainers were ITC (3.61 per cent), Adani Ports (1.77 per cent), HUL (1.08 per cent) and Tata Motors (1.07 per cent).

However, Cipla fell 1.35 per cent, Sun Pharma 1.33 per cent and ONGC 1.15 per cent.

Closer home, foreign portfolio investors (FPIs) net sold shares worth Rs 743.9 crore last Friday, as per provisional data released by the stock exchanges.
In the overseas stock markets, Asian markets edged higher after US shares registered gains during the previous trading session.
US stocks edged higher last Friday after strong housing data for April 2016.